Is the Great Resignation Turning Into the Great Regret?
The Great Resignation isn’t going anywhere. In fact, according to a recent article put out by CNBC, 1 in 5 people say that they plan on changing jobs within the next year. On top of that, many of the people who are staying said they plan to ask their bosses for a raise.
But surprisingly, this isn’t ALL about the money. 71% of those who were surveyed said they would transition to a higher paying role if one were available, but 69% said more job fulfillment would be enough to make them change careers!
Now normally, I would be championing this kind of assertiveness. However, there’s a part of me that wonders whether The Great Resignation will soon turn into The Great Regret.
First Off, What About the People Who Are Left Behind?
The anecdotes we’re hearing of people leaving their jobs en masse are true, but they do not tell the full story of what’s really happening in the workforce. What about those who don’t leave?
Well, they’re taking on the work of their newly departed team members — often for the same pay. A survey by the Society of Human Resource Management found that 52% of employees who chose to stay at their jobs during The Great Resignation so far have had to take on more responsibilities.
So why don’t they leave, too? Not everyone is able to quit their job. Some rely on the steady income or the benefits. Others may have a gap in their resume that prevents them from making it to the interview stage. And, of course, with everyone newly entering the job market, competition for flexible, fulfilling, high-paying jobs has never been higher.
Which Brings Us to Job Competition
Those who leave are facing challenges, too: namely, insane amounts of competition for the most desirable roles. For example, high paying remote jobs are much more difficult to come by today than they were in the last few years.
Also, many companies who are now looking to fill vacant roles are going to look for “mid-career employees” or people who are around 35-45 years old with a good amount of experience and expertise. If you’re at an earlier stage in your career, you may not have what it takes to outshine these candidates in an interview.
So, Before You Hand in Your Resignation…
If you’ve been contemplating leaving your current role, here are a few questions you should ask yourself first:
#1 - “Are These My True Feelings or Am I Just Upset Today?”
We’ve all been there. We have a tough meeting with a boss or a client and we’re ready to pack it up and call it a day. Do not do this! Before you make any major decisions, do some reflection and make sure that this is what you really want. The last thing you need right now is to make a permanent decision to solve a temporary problem.
#2 - “Can I Support Myself for 3-6 Months?”
If you don’t have another job lined up, be cautious. Your job search might take longer than you think, especially since so many people are competing for roles right now. Make sure you can cover your expenses — including insurance — for at least 3 to 6 months. Having this money set aside will also ensure you don’t accept a role you don’t want out of financial necessity.
#3 - “Do I Really Know What I Want to Do Next?”
Knowing what you don’t want isn’t enough. You need to know what you do want. If you’re looking for more fulfillment, what does that mean to you? If you’re looking for more pay, how much exactly do you need? If you’re looking for better benefits, what does that look like? Make sure all of this is crystal clear before you throw yourself into a competitive job market.
Of course, if you’re looking for extra guidance or support during this time, a career coach is something you might want to consider. We can help you determine which types of roles will bring you the fulfillment you’re looking for, then get you in a great position to pursue those roles.
We’ll help you identify your short and long-term career goals and your value proposition, give you strong talking points you can use for the interview, and work on salary negotiation techniques that will help you feel confident accepting a role that will suit you for the long-term.
Ultimately, the decision to leave a role is a big one and shouldn’t be taken lightly. If you choose to follow the millions of Americans who have participated in The Great Resignation, just be sure you do it in a way that is thoughtful and deliberate so you don’t have any regrets.